Fri. AM TNT News Articles 2-25-22



After breaching international banking secrecy, will Iraq succeed in ?recovering its smuggled money

A new step recently announced by Iraq as part of its anti-corruption measures and attempts to recover the looted and smuggled funds abroad, by being able for the first time to legally penetrate international banking secrecy through the efforts of the Integrity Commission and the .Iraq Funds Recovery Fund

This coincided with a state of frustration on the part of observers and specialists in political and economic affairs, due to the failure of this penetration in the past due to the presence of several obstacles, most notably that these accounts are not usually registered in the names of those .accused of corruption

Through this penetration, Iraq will be able to see the contents of the treasury in Switzerland, and all this comes after Transparency International’s 2021 reports indicated a clear improvement and progress in the classification of Iraq among the countries of the world in the Corruption .

Perceptions Index report issued by the organization A member of the former Parliamentary Integrity Committee, Representative Taha Al-Defee, had estimated – in a previous report to Al-Jazeera Net – that the smuggled money ranged between 300 and 350 billion dollars, in the years following the American invasion, except for the money .that was smuggled before that

This comes as the Integrity Commission continues to disclose the prevention of cases of waste of public money constantly, including what it mentioned – in its annual report for the year 2021 – about preventing the waste of more than 15 trillion dinars (about 10 billion and 279 million dollars) and that public funds – which were recovered and investigated In it or issuing court rulings to return it, as well as the ones that the commission prevented and stopped wasting based on its procedures and were actually returned to the public treasury account – a total of .(642) billion dinars, in addition to another amount of 10 billion dollars   link

Iraq’s economy awaits the harvest of the payment of “Kuwait compensation”

A few days ago, Iraq ended the file of compensation for the Kuwait war that took place during the last decade of the last century, as it paid the last payment of dues, amounting to 44 million dollars, and it is expected that this will contribute to the re-integration of the Iraqi banking system with its global counterpart and benefit from the financial abundance that will be achieved.

The Central Bank of Iraq said earlier that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to $44 million has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the Security Council under Resolution 687 of the year 1991, with a total of $52.4 billion for the State of Kuwait.


Closing the compensation file, beginning of closing the remains of Chapter VII

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, said in a press statement that “the compensation file cost Iraq about 52.4 billion dollars in GDP and the efforts of its economy, which is not small, as it is sufficient to build an electricity network system that will revive the country for many years.” He added, “This reckless war was borne by the people of Iraq, and closing the Kuwait compensation file is a new page in Iraq’s economic history.”

Saleh revealed that “this file was costing Iraq daily from 6 to 7 million dollars,” noting that “the value of these funds from its current exports, which amount to more than two billion dollars annually, will be added to the country’s budget, and block one of the exchange doors.” He expressed his hope that “these funds will go to development represented by investment projects that employ the workforce and produce income,” noting that “closing the compensation file is the beginning of closing the remnants of Chapter VII.”

Al- Kazemi ’s advisor explained that “about 40 resolutions were imposed on Iraq because of the Kuwait war by the Security Council, and it has been completely shackled until the present time. United“.

He stated that “Iraq was considered an aggressor country, while in fact it is peaceful and loving to its friends and neighbors,” expressing his hope that “all the country’s disputes will be resolved within Chapter VI by amicable means in truth .” He pointed out that “Iraq has great prospects for its integration into the global economy,” explaining that “the isolation in which it lives is great, and the world’s planes still do not reach Baghdad airport except for some regional countries, and this is part of the siege that classifies the country as a war zone, which requires costs. Insurance and shipping in technology transfer and in dealing with economic progress.

Saleh stressed “the need for a ten-year development plan to benefit from oil imports, starting with the infrastructure and ending with income-generating projects in all cases,” expecting that “2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations and the end of Compensation for the Kuwait war, a return to normal economic life, and integration into the international community.

In turn, the winner of the elections, Haider al-Jubouri, criticized the unprofessional handling of the file of ending Iraq’s debts in favor of Kuwait. He said in a press statement that “the Iraqi debt file in favor of Kuwait is important and lasted for more than 20 years, under which large sums were paid, and it represents a historical stage.” He added, “Therefore, after announcing the end of this file and Iraq’s payment of these debts, dealing with this issue was irresponsible, and it would have been more appropriate for the two countries to announce this officially in a conference in front of the media.” He pointed out that “public opinion does not yet know what are the next steps to pay off the debt, so why did the Iraqi Foreign Ministry not clarify this in coordination with Kuwait?”


Its repercussions are positive

And economic researcher Evan Shaker points out that “after Iraq pays the last batch of compensation to the State of Kuwait, this will have positive repercussions on the first’s economy in general and its banking system in particular, as well as lifting restrictions on the banking system and upgrading it and integrating it with its global counterpart.”

He added to “The Independent Arabia”, “The government’s success in exploiting this financial abundance and adopting a policy of openness to the world will attract foreign investment, and will help expedite the country’s removal from the tutelage of Chapter VII.”

The economic and political researcher, Nabil Jabbar Al-Ali, explained that the payment of compensation allows Iraq a broader political and economic space in its international relations at the diplomatic and commercial levels. 

He continued, “The total amount that the country has repaid over the 17 years since 2003 until today is $52.4 billion, equivalent to approximately 5% of its total oil revenues. Government parties are trying to redirect the funds that were intended to pay compensation towards establishing sovereign funds for the future in which funds will be collected and invested.”

Internationally as a fund for generations, however, the idea may not be appropriate. The additional financial abundance estimated at about 2 to 3 billion dollars annually that was allocated to Kuwait’s compensation, it is preferable to place it in a local development fund that participates in the development of a development program to establish profitable and sustainable development projects for the fund and outside the authority of the government And it contributes to strengthening national development plans, instead of the annual borrowing operations that the Iraqi government holds with international parties to pay off some of its expenses or spending on projects classified in its investment budget.

He pointed out that “this amount may equal or exceed what was allocated in the annual contracts, which is called the Iraqi-Chinese agreement.”  link

Najaf Friday sermon: The rise in oil prices is an opportunity for Iraq, and the government should open the door for foreign investment

Imam Sadr Al-Din Al-Qabbanji considered the departure of any group from the Shiite house a loss, while he wondered about the fate of the money obtained from the rise in the price of oil and the closure of the Kuwait compensation file.

Al-Qabbanji said during today’s sermon that “the steps to form the government are continuing and advanced, and we will not reach a dead end,” stressing that “any group leaving the Shiite house is a loss and bears responsibility.”


He added, “Our motto is the unity of the Shiite house, and we must forget our partial differences in the interest of the sect and Iraq.”

On the other hand, Al-Qabbanji commented on the rise in oil prices and the closing of the Kuwaiti compensation file, which returned 3% of the Iraqi budget,  indicating that the people are waiting for the outcome and fate of the sums resulting from the rise in oil prices, which have doubled.

He pointed out that “the government has taken many austerity measures previously, in which employees’ salaries were deducted, and today the government is invited to return salaries and support the market, which is witnessing a sharp rise in goods and merchandise, while the people are waiting from the government for industrial and agricultural projects and open the door for investment.”

He added, “In Iraq, 4 million people are unemployed, and there is an opportunity to employ them by opening the door for investment, attracting international companies, and developing the industrial and agricultural field, and this is not difficult.”  link

Source: Dinar Recaps


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